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Monero (XMR) Daily Price Forecast – August 7



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XMR/USD Medium-term Trend: Bearish

Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00

XMR continues in the bearish trend in the medium-term outlook. The strong bearish pressure was sustained and the cryptocurrency was down to $113.01 in the demand area before the close of yesterday market.

The opening 4hour candle was a bullish pinbar and expectedly the bullish momentum to set in but this was rejected at the 10-day EMA acting as a strong resistance to upward price movement.

The stochastic oscillator is in the oversold region at 27 % and its signal points down which implies downward momentum in price of the cryptocurrency may occur as the bears’ pressure becomes much stronger in the medium-term.

XMR/USD Short-term Trend: Ranging

The cryptocurrency continues in the range in the short-term outlook. The bears’ pressure in the range pushed price to $111.87 in the demand area.

The bearish spinning top was a signal to the bulls return and price was pushed up $115.02 in the supply area before lost in momentum leading to bears returned after the bearish railway track and price was down to $112.54.

The morning star formation at this demand area means bulls are back and upward price movement within the range may occur in the short-term.

The cryptocurrency is in consolidation and trading between $117.43 in the supply area of the upper range and at $111.89 in the demand area of the lower price range. A good range strategy to take profit within the upper and lower channel may be considered while cautiously waiting for a breakout or breakdown.


The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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